Monday, July 03, 2006

Why do travel website only recommend 1 travel insurance provider?

There are several websites that gives you competitive quotes for airfare and hotels. But they only recommend one travel insurance product. Do you know why?

The answer is simple. For Travel Insurance, there is no standard commission. The website owner is likely to promote the travel insurance that pays the highest commission to them. Do not buy their travel insurance.

NTUC Income provides low-cost, hassle free Travel Insurance. We pay very low commission, and pass the cost savings to our customers by charging low premium rates.

So be a wise consumer. Book your Travel Insurance directly with NTUC Income. Call 6332 3456.
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4 comments:

Justin Lim said...

I believe this topic has been discuss upon previously.

It really depends on the location, duration and the type of travel (whether it's trekking, SCUBA diving, etc...)

NTUC Income does not necessary means cheap and cheap does not necessary equate good....

As a consumer, be smart and do your own research. Buy a policy that tailor to your needs.

NTUC's travel insurance does not cover SCUBA diving. You need to add in and pay an additional 25% premium.

Problem doesn't arise when you are buying a policy, it's only when it comes to claims.....

The Chinese Saying "The Goat's Fur Grows on the Goat's Body".

NTUC pays $100 for each 12 consecutive hours of travel delay. Some companies 8 hrs or 10 hrs.

Lost / Theft of Baggage?
NTUC has a $40 excess. Max: $500 per item (except for lap top) Other insurers have a max of $800 and $1000.

Meaning?? If your new digital camera (cost you $900) was stolen, NTUC's max payout to you is only $500.

More importantly, know what you are buying.

June 27, 2006 2:47 AM
Justin Lim said...

NO one comapny is competitive in ALL areas.

The example given by Freddy cannot be used to support that "NTUC Income's premium are the MOST competitive".

10 Days ASEAN (i.e. M"sia, Indonesia, Thai, Philippines, Myanmar Vietnam, Cambodia, Laos)

a) Income (Delux) - $50
b) AIG (Superior) - $49*
c) AIG (Premier) - $66*
d) AXA (VIP) - $57*
e) RSA - $48
f) China Ins (Executive) - $48
g) China Ins (Platinum) - $65
h) HSBC - $30*
i) Mitsui Sumitomo - $58
g) Great Eastern - $58.70*

* Denotes Insurance Co. covers leisure sports (including SCUBA Diving, mountaineering, etc...). Each company may have a different definition. Please check with individual insurance companies for full list of activities covered.

Well, again, it really depend on whereyou are going.

While most companies categorise their destinations generally into 3 areas (ASEAN, Asia and Worldwide), companies like Income categories theirs into only 2.

While some companies block their duration (eg 1-3 days, 4-9 days, etc...) others like NTUC Income count by days. As such, when you compare using the start of a new block, it would seem the premium is unfavourable.

Take AIG and NTUC as example:
AIG's (Superior Plan) premium for ASEAN destination is:
4- 6 days = $36
7-10 days = $49

NTUC is $7 for 1st 5 days and $3 for each subsequent day. so for:
4 days = $28
5 days = $35
6 days = $38
7 days = $41
8 days = $44
9 days = $47
10 days = $50
.....and for those sports lovers, for SCUBA diving, mountaineering & motorcycling please add 25% of the premium.

So, even without additional 25% coverage, for 6 and 10 days, AIG's premium seems to be more competitive.

My point, all companies would have done their sums. It is not possible to be competitive in ALL areas, cover all things, give highest & widest coverage, cover everything and charge you the lowest premium....If it's that good, there must be a rat to be caught, somewhere.

Be a smart consumer!!!!

June 29, 2006 1:29 PM
Justin Lim said...

Was at UOB earlier and picked up their Travel Brochure underwritten by United Overseas Insurance ("UOI").

Their Travel Plan is pretty competitive:
4 to 7 Days Trip to:
ASEAN: $32.00
Asia: $52.00
Worldwide (excluding USA & Cancda): $65.00
Worldwide (incl USA & Canada): $71.00

Till 31 Dec 2006, if you are a UOB Credit or Debit Cardholders, you get a 25% discount.
However, UOI's SCUBA diving cover is restricted to "...diving under the supervision of a qualified diving instructor".

July 03, 2006 4:47 PM
Justin Lim said...

Freddy,

The 25% discount for UOB's Credit or Debit Cardholders (till 31 Dec 06) is printed on their travel brochures.

You can pick one up at the bank.

July 04, 2006 11:46 AM

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